Backtest · 2019 cohort
The widest moats of 2019, scored with only what was filed then.
Scored as of 2019-12-31 from the 10-Ks on file at that date — no later restatements, no hindsight. 1,478 companies scored; the table lists the 100 widest by as-of moat composite. The forward returns below were joined afterward: entry is the first market close on or after Jan 1, 2020.
| # | Company | Moat | As-of score | 1-yr return | 3-yr return | 5-yr return |
|---|---|---|---|---|---|---|
| 1 | INTUIT INC.INTUfrom FY2019 10-K | Wide moat | 100.0 | 41% | 50% | 142% |
| 2 | Medifast, Inc.MEDfrom FY2018 10-K | Wide moat | 100.0 | 79% | 15% | −82% |
| 3 | NetApp, Inc.NTAPfrom FY2019 10-K | Wide moat | 99.8 | 7% | 6% | 111% |
| 4 | F5, INC.FFIVfrom FY2019 10-K | Wide moat | 99.6 | 25% | 3% | 79% |
| 5 | PRICE T ROWE GROUP INCTROWfrom FY2018 10-K | Wide moat | 99.2 | 22% | −3% | 10% |
| 6 | BIOGEN INC.BIIBfrom FY2018 10-K | Wide moat | 98.1 | −17% | −7% | −49% |
| 7 | Estee Lauder Companies IncELfrom FY2019 10-K | Wide moat | 97.4 | 24% | 26% | −62% |
| 8 | THE BOSTON BEER COMPANY, INC.SAMfrom FY2018 10-K | Wide moat | 95.4 | 157% | −13% | −19% |
| 9 | COPART, INC.CPRTfrom FY2019 10-K | Wide moat | 95.3 | 29% | 31% | 141% |
| 10 | AMERICAN PUBLIC EDUCATION, INC.APEIfrom FY2018 10-K | Wide moat | 94.3 | 10% | −53% | −23% |
| 11 | C.H. ROBINSON WORLDWIDE, INC.CHRWfrom FY2018 10-K | Wide moat | 94.2 | 22% | 24% | 49% |
| 12 | Intuitive Surgical, Inc.ISRGfrom FY2018 10-K | Wide moat | 94.1 | 34% | 33% | 163% |
| 13 | TEXAS INSTRUMENTS INCORPORATEDTXNfrom FY2018 10-K | Wide moat | 93.9 | 29% | 36% | 66% |
| 14 | UTAH MEDICAL PRODUCTS INCUTMDfrom FY2018 10-K | Wide moat | 93.9 | −21% | −3% | −37% |
| 15 | Omega Flex, Inc.OFLXfrom FY2018 10-K | Wide moat | 93.7 | 36% | −12% | −59% |
| 16 | Veeva Systems Inc.VEEVfrom FY2019 10-K | Wide moat | 93.5 | 91% | 11% | 47% |
| 17 | S&P Global Inc.SPGIfrom FY2018 10-K | Wide moat | 93.4 | 21% | 24% | 86% |
| 18 | SHUTTERSTOCK, INC.SSTKfrom FY2018 10-K | Wide moat | 93.3 | 65% | 31% | −25% |
| 19 | FACTSET RESEARCH SYSTEMS INC.FDSfrom FY2019 10-K | Wide moat | 93.1 | 24% | 55% | 86% |
| 20 | UNITED THERAPEUTICS CorpUTHRfrom FY2018 10-K | Wide moat | 93.1 | 76% | 212% | 311% |
| 21 | WINMARK CORPORATIONWINAfrom FY2018 10-K | Wide moat | 93.0 | −3% | 30% | 126% |
| 22 | MORNINGSTAR, INC.MORNfrom FY2018 10-K | Wide moat | 92.8 | 54% | 47% | 126% |
| 23 | Capri Holdings LtdCPRIfrom FY2019 10-K | Wide moat | 92.8 | 6% | 51% | −46% |
| 24 | TravelzooTZOOfrom FY2018 10-K | Wide moat | 92.3 | −21% | −58% | 87% |
| 25 | lululemon athletica inc.LULUfrom FY2019 10-K | Wide moat | 91.8 | 53% | 39% | 60% |
| 26 | Monster Beverage CorpMNSTfrom FY2018 10-K | Wide moat | 91.3 | 42% | 59% | 64% |
| 27 | Booking Holdings Inc.BKNGfrom FY2018 10-K | Wide moat | 90.9 | 4% | −2% | 140% |
| 28 | FASTENAL COFASTfrom FY2018 10-K | Wide moat | 90.8 | 32% | 38% | 118% |
| 29 | ResMed Inc.RMDfrom FY2019 10-K | Wide moat | 90.8 | 37% | 37% | 53% |
| 30 | Proto Labs, Inc.PRLBfrom FY2018 10-K | Wide moat | 90.7 | 48% | −75% | −62% |
| 31 | USANA HEALTH SCIENCES, INC.USNAfrom FY2018 10-K | Wide moat | 90.5 | 0% | −30% | −53% |
| 32 | Arista Networks, Inc.ANETfrom FY2018 10-K | Wide moat | 90.5 | 38% | 136% | 773% |
| 33 | TRADE DESK, INC.TTDfrom FY2018 10-K | Wide moat | 90.5 | 185% | 62% | 334% |
| 34 | SKYWORKS SOLUTIONS, INC.SWKSfrom FY2019 10-K | Wide moat | 90.3 | 26% | −22% | −19% |
| 35 | IRADIMED CORPORATIONIRMDfrom FY2018 10-K | Wide moat | 90.1 | −4% | 24% | 152% |
| 36 | HEALTHEQUITY, INC.HQYfrom FY2019 10-K | Wide moat | 89.4 | −5% | −16% | 34% |
| 37 | GLOBUS MEDICAL, INC.GMEDfrom FY2018 10-K | Wide moat | 89.3 | 7% | 23% | 38% |
| 38 | Cracker Barrel Old Country Store, Inc.CBRLfrom FY2019 10-K | Wide moat | 89.2 | −17% | −34% | −57% |
| 39 | DECKERS OUTDOOR CORPDECKfrom FY2019 10-K | Wide moat | 89.0 | 65% | 126% | 613% |
| 40 | NU SKIN ENTERPRISES, INC.NUSfrom FY2018 10-K | Wide moat | 89.0 | 42% | 16% | −80% |
| 41 | IDEXX LABORATORIES INC /DEIDXXfrom FY2018 10-K | Wide moat | 88.9 | 86% | 53% | 54% |
| 42 | CarGurus, Inc.CARGfrom FY2018 10-K | Wide moat | 88.8 | −12% | −61% | −2% |
| 43 | WD-40 COMPANYWDFCfrom FY2019 10-K | Wide moat | 88.7 | 36% | −12% | 34% |
| 44 | O Reilly Automotive IncORLYfrom FY2018 10-K | Wide moat | 88.6 | 4% | 92% | 171% |
| 45 | Anika Therapeutics, Inc.ANIKfrom FY2018 10-K | Wide moat | 88.6 | −18% | −44% | −69% |
| 46 | UNITED-GUARDIAN, INC.UGfrom FY2018 10-K | Wide moat | 88.5 | −25% | −38% | −39% |
| 47 | INTERPARFUMS, INC.IPARfrom FY2018 10-K | Wide moat | 88.5 | −18% | 41% | 94% |
| 48 | RALPH LAUREN CORPORATIONRLfrom FY2019 10-K | Wide moat | 88.5 | −14% | −3% | 115% |
| 49 | ADVANCE AUTO PARTS, INC.AAPfrom FY2018 10-K | Wide moat | 88.5 | −1% | 1% | −67% |
| 50 | Snap-on IncSNAfrom FY2018 10-K | Wide moat | 87.9 | 2% | 47% | 126% |
| 51 | SLEEP NUMBER CORPORATIONSNBRQfrom FY2018 10-K | Wide moat | 87.9 | — | — | — |
| 52 | PACIFIC HEALTH CARE ORGANIZATION, INC.PFHOfrom FY2018 10-K | Wide moat | 87.8 | −22% | −41% | −37% |
| 53 | WILLIAMS-SONOMA, INC.WSMfrom FY2019 10-K | Wide moat | 87.1 | 46% | 67% | 475% |
| 54 | MICROSOFT CORPORATIONMSFTfrom FY2019 10-K | Wide moat | 87.0 | 37% | 53% | 172% |
| 55 | Inogen IncINGNfrom FY2018 10-K | Wide moat | 86.9 | −35% | −71% | −86% |
| 56 | DELUXE CORPDLXfrom FY2018 10-K | Wide moat | 86.8 | −39% | −59% | −42% |
| 57 | GRACO INC.GGGfrom FY2018 10-K | Wide moat | 86.8 | 36% | 34% | 69% |
| 58 | ACCESS Newswire Inc.ACCSfrom FY2018 10-K | Wide moat | 86.8 | — | — | — |
| 59 | Cirrus Logic, Inc.CRUSfrom FY2019 10-K | Wide moat | 86.7 | −1% | −15% | 17% |
| 60 | Apple Inc.AAPLfrom FY2019 10-K | Wide moat | 86.4 | 74% | 70% | 235% |
| 61 | FORTINET, INC.FTNTfrom FY2018 10-K | Wide moat | 86.4 | 33% | 121% | 332% |
| 62 | Cognex CorporationCGNXfrom FY2018 10-K | Wide moat | 86.2 | 46% | −12% | −34% |
| 63 | Axon Enterprise, Inc.AXONfrom FY2018 10-K | Wide moat | 86.2 | 53% | 120% | 679% |
| 64 | JACK HENRY & ASSOCIATES, INC.JKHYfrom FY2019 10-K | Wide moat | 86.0 | 10% | 25% | 26% |
| 65 | 3M COMPANYMMMfrom FY2018 10-K | Wide moat | 85.8 | −1% | −24% | 5% |
| 66 | Dorman Products, Inc.DORMfrom FY2018 10-K | Wide moat | 85.7 | 15% | 9% | 70% |
| 67 | INTEL CORPINTCfrom FY2018 10-K | Wide moat | 85.4 | −16% | −52% | −62% |
| 68 | Accenture plcACNfrom FY2019 10-K | Wide moat | 85.4 | 24% | 34% | 79% |
| 69 | EPAM SYSTEMS, INC.EPAMfrom FY2018 10-K | Wide moat | 85.3 | 61% | 53% | 6% |
| 70 | FORWARD AIR CORPFWRDfrom FY2018 10-K | Wide moat | 85.1 | 11% | 55% | −52% |
| 71 | IPG PHOTONICS CORPIPGPfrom FY2018 10-K | Wide moat | 85.1 | 49% | −34% | −50% |
| 72 | V. F. CORPORATIONVFCfrom FY2019 10-K | Wide moat | 85.0 | −13% | −69% | −74% |
| 73 | ALIGN TECHNOLOGY, INC.ALGNfrom FY2018 10-K | Wide moat | 85.0 | 86% | −25% | −27% |
| 74 | ULTA BEAUTY, INC.ULTAfrom FY2019 10-K | Wide moat | 85.0 | 11% | 85% | 69% |
| 75 | VERA BRADLEY, INC.VRAfrom FY2019 10-K | Wide moat | 85.0 | −35% | −60% | −68% |
| 76 | PROGRESS SOFTWARE CORP /MAPRGSfrom FY2018 10-K | Wide moat | 84.9 | 7% | 26% | 64% |
| 77 | KORU MEDICAL SYSTEMS, INC.KRMDfrom FY2018 10-K | Wide moat | 84.8 | −13% | −46% | −41% |
| 78 | ADOBE INC.ADBEfrom FY2018 10-K | Wide moat | 84.8 | 45% | 1% | 32% |
| 79 | QUALCOMM INC/DEQCOMfrom FY2019 10-K | Wide moat | 84.8 | 72% | 29% | 94% |
| 80 | Starbucks CorporationSBUXfrom FY2019 10-K | Wide moat | 84.8 | 18% | 20% | 15% |
| 81 | Paycom Software, Inc.PAYCfrom FY2018 10-K | Wide moat | 84.8 | 57% | 12% | −25% |
| 82 | TYLER TECHNOLOGIES, INC.TYLfrom FY2018 10-K | Wide moat | 84.7 | 41% | 4% | 88% |
| 83 | AUTOZONE INCAZOfrom FY2019 10-K | Wide moat | 84.7 | −1% | 104% | 173% |
| 84 | Five Below, Inc.FIVEfrom FY2019 10-K | Wide moat | 84.5 | 31% | 35% | −22% |
| 85 | HALLIBURTON COMPANYHALfrom FY2018 10-K | Wide moat | 84.4 | −22% | 59% | 22% |
| 86 | WOLVERINE WORLD WIDE, INC.WWWfrom FY2018 10-K | Wide moat | 84.2 | −9% | −65% | −25% |
| 87 | GENTEX CORPORATIONGNTXfrom FY2018 10-K | Wide moat | 84.2 | 16% | −1% | 3% |
| 88 | ALARM.COM HOLDINGS, INC.ALRMfrom FY2018 10-K | Wide moat | 84.2 | 134% | 15% | 39% |
| 89 | EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.EXPDfrom FY2018 10-K | Wide moat | 84.1 | 19% | 39% | 49% |
| 90 | GARMIN LTDGRMNfrom FY2018 10-K | Wide moat | 84.1 | 24% | 2% | 134% |
| 91 | BRUKER CORPORATIONBRKRfrom FY2018 10-K | Wide moat | 83.5 | 4% | 36% | 16% |
| 92 | CROCS, INC.CROXfrom FY2018 10-K | Wide moat | 83.5 | 47% | 156% | 164% |
| 93 | Schneider National, Inc.SNDRfrom FY2018 10-K | Wide moat | 83.4 | 2% | 22% | 54% |
| 94 | COLGATE-PALMOLIVE COMPANYCLfrom FY2018 10-K | Wide moat | 83.3 | 27% | 25% | 50% |
| 95 | Lifevantage CorpLFVNfrom FY2019 10-K | Wide moat | 83.3 | −39% | −75% | 29% |
| 96 | TRACTOR SUPPLY CO /DE/TSCOfrom FY2018 10-K | Wide moat | 83.0 | 52% | 150% | 204% |
| 97 | Robert Half Inc.RHIfrom FY2018 10-K | Wide moat | 82.8 | −2% | 23% | 21% |
| 98 | AMERICAN EAGLE OUTFITTERS INCAEOfrom FY2019 10-K | Wide moat | 82.8 | 40% | 7% | 33% |
| 99 | STITCH FIX, INC.SFIXfrom FY2019 10-K | Wide moat | 82.8 | 124% | −88% | −83% |
| 100 | CISCO SYSTEMS, INC.CSCOfrom FY2019 10-K | Wide moat | 82.7 | −6% | 8% | 42% |
| Berkshire Hathaway (BRK.B, total return)benchmark · total return (same basis) | — | — | 0% | 36% | 98% | |
| S&P 500 (price return)benchmark · price return | — | — | 14% | 17% | 80% |
Two benchmarks, and we’re careful about the basis. Company returns are total returns (dividends reinvested). Berkshire Hathaway (BRK.B, total return) is on the same total-return basis — the fair, like-for-like comparison (Berkshire pays no dividend, so its dividend-adjusted and price series coincide). The S&P 500 (price return) is a price index that excludes dividends and so understates the market by roughly its dividend yield — shown for reference, not as a fair bar. A “—” is an unfinished forward window or a name without joined returns, never a zero. Where a name stopped trading mid-window it reports null with a note, never a guessed return.
The caveats, in the engine’s own words
- Point-in-time reconstruction: each score uses only SEC filings on file by Dec 31 of the cohort year; restatements filed later are ignored, and filers with December fiscal year-ends are scored off the prior fiscal year (their 10-K arrives the following spring).
- Survivorship bias: unless delisted companies were ingested explicitly by CIK, the cohort is drawn from companies still filing with the SEC today — names that failed or delisted since are missing, which flatters any forward-looking comparison. Companies whose filings had already gone stale at the cutoff are computed but excluded from the ranking (the stale count). The same caveat extends to returns: a name that stopped trading mid-window reports null with a note, never a guessed return through its delisting. Price histories are keyed by each company's ticker symbol as of today; a symbol that changed hands between issuers during a window can misattribute price history.
- Scores are business-quality only: no prices feed them, so valuation, margin of safety, and price-dependent verdicts are absent. Forward returns are a separate join of market data made after scoring and never influence any score.
- Forward returns start strictly after the information cutoff: entry is the first trading close on or after Jan 1 of the year following the cohort year, and each 1y/3y/5y window runs anchor-to-anchor to the first trading close of the corresponding later year. Windows that have not fully elapsed are null — never annualized or extrapolated from a partial period.
- Return basis honesty: company returns are total returns (split-adjusted closes with dividends reinvested at the ex-date); the S&P 500 benchmark is the ^GSPC price index, which excludes dividends and therefore understates the index by roughly its dividend yield in any comparison. A second benchmark, Berkshire Hathaway (BRK.B), is computed on the SAME total-return basis as the companies — Berkshire pays no dividend, so its dividend-adjusted series equals its price series, and the same code path is used so the comparison is strictly like-for-like. Each record labels its own returnBasis.
- Educational, not investment advice. Hindsight makes every backtest look wiser than anyone could have been at the time.